Hi
As suggested by Surya, late coming is not really an issue in MNCs, which normally have flexible timings. So there could be people who are comfortable coming in a little later in the day and staying back to make up for the time lost.
The most important factor here is that does the late coming affect work adversely. If it does not and the person continues to be a good performer despite coming late, then I don't think there should be a problem.
However if the late coming if affecting work, due to the person not spending enough time at office or the person not being available for important meetings, then it is definitely an issue to be tackled.
In either case, it is good to have a company policy in this regard. For example if your company follows a flexi time approach then mention the time band allowable and the minimum number of hours that need to be clocked to be counted as a full working day. If the company does not permit flexi time, then mention the time by which employees are expected to be in office. A couple of times of late coming can be over looked, however beyond that each day of late coming would be considered as un approved half day leave and that would be deducted from the person's salary as loss of pay.
However this kind of a policy should be used with caution, especially in instances where people do have a genuine reason for being late. So use it judiciously, it will work.
Regards
Rosy